Swiss Bitcoin Advocates Aim for 100,000 Signatures to Pursue Constitutional Amendment for National Bank Bitcoin Reserves
The post Swiss Bitcoin Advocates Aim for 100,000 Signatures to Pursue Constitutional Amendment for National Bank Bitcoin Reserves appeared on BitcoinEthereumNews.com.
The Swiss Bitcoin Initiative aims to amend the Swiss Constitution, enabling the Swiss National Bank to hold Bitcoin, reflecting a significant step towards mainstream cryptocurrency adoption. The proposal, submitted by Bitcoin advocates led by 2B4CH, seeks to gather 100,000 signatures from Switzerland’s population by June 30, 2026, to trigger a public referendum. As stated by Yves Bennaïm, “We were waiting for the right timing. Now, everything is falling into place,” underlining the strategic planning behind the proposal. This article examines Switzerland’s latest Bitcoin initiative to mandate the Swiss National Bank to hold Bitcoin, and the implications for cryptocurrency adoption. Swiss Initiative for Bitcoin Reserves: A Revolutionary Proposal On December 31, 2023, a pivotal proposal emerged from the Swiss federal chancellery to amend the Swiss Federal Constitution, aiming to reinforce the nation’s monetary policy with Bitcoin (BTC) reserves. This initiative marks a crucial turning point in the global cryptocurrency narrative, as it seeks to institutionalize Bitcoin within the financial framework of a prominent economy. The proposal delineates the necessity for the Swiss National Bank (SNB) to hold part of its reserves in Bitcoin, a move that would signify a substantial endorsement of the digital currency. Background and Motivation Behind the Proposal The proposal stems from the efforts of 2B4CH, a Swiss Bitcoin nonprofit founded by Yves Bennaïm. The organization has been advocating for this amendment since at least April 2023, demonstrating a commitment to integrating cryptocurrency into national financial practices. According to Giw Zanganeh, vice president of Tether, “This is about creating a financially sound, sovereign, and responsible Switzerland.” The push for this initiative is reflective of a broader trend among various countries to explore or establish Bitcoin reserves, as evidenced by interest from the United States and Brazil. Public Support and Signature Collection Process To successfully trigger a public referendum,…
Filed under: News - @ January 1, 2025 1:04 am